OpinionJune 2, 2026 — 1:57pmPessimism has become mainstream for younger Australians. Ask around, and they’ll say they’re working hard yet struggling to build the kind of life they want, with little hope that things will improve.This goes beyond anecdote, too. According to ANU research, only half of 25- to 34-year-olds believe that hard work brings a better life today in Australia, down from 80 per cent in 2013.That’s a seismic but understandable shift. Why bother taking on debt to attend university, start a business or do the 9-5 when the rewards aren’t there?Taxing wealth, including property, is the only way to provide young Australians with hope for the future.AFRThe promise at the heart of our economy used to be that you worked hard and contributed, and in return, lived a secure life in a society with high-quality public education, healthcare, housing, and decent wages. But that is no longer the case. Work and effort are not enough.Things went off course in the 1980s and 1990s when our leaders turned their backs on the fair go by privatising public services, from banking to transport and energy, and giving tax breaks to investors.John Howard introduced the CGT discount during this time to encourage the accumulation of private wealth. The discount transferred public money to the already wealthy, and property speculation and other forms of investing overtook earning a wage as the pathway to financial security.It’s property investing, an inheritance or betting on the latest cryptocurrency that does the pulling up, not hard work.With the proposed tax reforms, Treasurer Jim Chalmers is attempting to rebalance the scales. To fix our tax settings so we don’t have this outrageous situation where the asset-rich ‘owners’ experiencing soaring asset values face lower tax rates than the ‘earners’, who contribute massively to our society but rely on work to get by.But there is still room for anxiety about the reforms, particularly from younger Australians who might be – or one day plan to be – using investing to gain financial security.Opponents of the reforms are using financial anxiety to tell the classic ‘pull yourself up by your bootstraps’ tale for a new generation. But the difference is, it’s property investing, an inheritance or betting on the latest cryptocurrency that does the pulling up, not hard work.So not only do we need to reform the capital gains tax discount and negative gearing, we need a whole new vision for what our economic futures look like. To me, that looks like everyone – irrespective of their ability to invest, postcode, or family wealth – having the freedom to learn, experiment, start a business, find a meaningful job, and feel that their contributions are rewarded.The next generation of great Australian workers, carers, thinkers and businesses comes from investing in Australia’s people, not from tax breaks like the CGT discount and negative gearing.Instead, if we taxed wealth properly, including the use of our natural resources, we could reduce taxes on work further, and invest collectively in the things people need to build their lives. Investments like free tertiary education, amazing public housing, world-leading parental leave and a national jobs guarantee.So let’s not succumb to misinformation and scare campaigns. We can’t just double down on the tax handouts that helped destroy the fair go in the first place.Let’s work on a different kind of future instead. Where work, not financial speculation, is enough to live a happy, secure, aspirational life. Removing the CGT discount and negative gearing is a critical step in getting there.Thomas Walker is the CEO of Think Forward, an economics think tank run by younger Australians.Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter.Thomas Walker is the CEO of Think Forward, an economics think tank run by younger